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DEMAND, SUPPLY & MARKET EQUILIBRIUM, SUPPLY - Coggle Diagram

- - - - Change in customer tastes and preferences
      - Change in number of buyers
      - Change in income
        
        Normal goods
        
        Inferior goods
      - Change in prices of related goods
        
        Complimentary good
        
        Substitute good
      - Change in customer expectations
- - - - Set below equilibrium price = Rationing problem, black markets e.g. Rent Contriol
    - - Set above market price = Chronic surpluses e.g. Minimum wage law
  - - - Ability of the competitive forces of demand and supply to establish a price at which selling & buying decisions are consistent
    - - Productive efficiency
        
        Production of goods in the least costly way using the best technology & the right mix of resources
      - Allocative efficiency
        
        Producing the right mix of goods mostly highly valued by society